Snap Inc. (NYSE:SNAP) reported weaker-than-expected sales results for its first quarter.
Snapchat reported first earnings of one cent per share, which came ahead of the 1 cent loss estimate, on revenues of $988.6 million, which missed the $1.01 billion consensus estimate.
The company said its daily active users (DAUs) increased 15% year over year to 383 million. It did not provide formal guidance for the second quarter.
Snap shares dipped 17.8% to $8.63 in pre-market trading.
These analysts made changes to their price targets on Snap following earnings announcement.
- Goldman Sachs cut the price target on Snap from $8 to $7. Goldman Sachs analyst Eric Sheridan maintained a Neutral rating.
- Rosenblatt slashed the price target on Snap from $10 to $9. Rosenblatt analyst Barton Crockett maintained a Neutral rating
- Barclays lowered the Snap price target from $15 to $11. Barclays analyst Ross Sandler maintained an Overweight rating on the stock.
- Credit Suisse cut the price target from $13 to $11. Credit Suisse analyst Stephen Ju maintained Snap with an Outperform.
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